Bouvet Asa · OSL:BOUV
Bouvet Asa — Q1 2026 Earnings Presentation
27 slides from Bouvet Asa's earnings presentation, May 13, 2026
Slide 1: Interim presentation First quarter 2026
Interim presentation FIRST quarter 2026 13 MAY 2026 Per Gunnar Tronsli, CEO Steffen Garder, CFO
Slide 2: Our vision
Our vision We are leading the way and building the society of tomorrow INTERIM PRESENTATION 2
Slide 3: Our ambition
Our ambition We will be the most credible consultancy with the most satisfied employees and clients INTERIM PRESENTATION 3
Slide 4: Bouvet – We are leading the way and building the society of tomorrow
Bouvet – We are leading the way and building the society of tomorrow Largest business sectors* Split public and private customers* Presence* 1. Oil, gas and renewables 2 countries 2. Power supply 7 regions Public sector 15 offices 3. Public admin and defence 46,7 % Private sector 53,3 % 4. Service i
Slide 5: Agenda
Agenda 1. Highlights & Key figures 2. Operational review 3. Financial review 4. Outlook 5. Q&A Per Gunnar Tronsli Steffen Garder CEO CFO INTERIM PRESENTATION 5
Slide 6: Highlights & Key figures in the quarter
Highlights & Key figures in the quarter Highlights • Earned and renewed trust from, among others, The Norwegian Coastal Administration, Stavanger Municipality, Nye Veier and Aker BP • Increased hiring activity in line with evolving market needs. Headcount increased by 44 compared to the same quarter
Slide 7: Operational review
aX OPERATIONAL A a REVIEW
Slide 8: People and organisation
People and organisation Number of employees end of quarter Number 2 500 2 391 employees at the end of the quarter 2 400 • Up 24 from Q4’25 2 300 2 200 • 44 more employees (y-o-y) 2316 2347 2391 2 100 • Average number of employees in the quarter 2 000 2111 up by 1.3 per cent from Q1’25 1 900 Q1'23 Q1
Slide 9: Business sectors
Business sectors Retail Four largest sectors Info and communication Health 2,5 % 0,9 % 1. Oil, gas and renewables Other 2,6 % 3,1 % Industry • Increased by 1.9 per cent (y-o-y) 3,1 % Transportation • Represents 40.9 per cent of total revenues in Q1’26 4,6 % Service industry 2. Public admin and defen
Slide 10: Customer mix
Customer mix Customer portfolio Split public and private customers Existing customers* • The 10 largest customers represent • Public sector* accounted for 44.9 • Accounted for 96.7 per cent of 65.0 per cent of total revenues – down per cent of total revenue – down revenues in Q1’26 from 68.0 per cen
Slide 11: Norwegian Coastal Administration
Norwegian Coastal Administration • The Norwegian Coastal Administration’s vision is to develop Norway’s coastline and maritime areas into the safest and cleanest in the world • Bouvet has been awarded framework agreements to provide IT services • Bouvet has been working with the Norwegian Coastal Ad
Slide 12: Aker BP
Aker BP • Bouvet has won two strategic contracts with Aker BP relating to the Yggdrasil development • Yggdrasil is one of the most highly digitalised projects on the Norwegian continental shelf. The objective is more autonomous and data-driven operation • Bouvet will use robotics, image analysis and
Slide 13: Nye Veier
Nye Veier • Nye Veier AS is a state-owned private limited liability company responsible for the planning, construction, operation and maintenance of specific parts of the national road network • Bouvet has been awarded a contract to assist with the refinement of Nye Veier’s Azure-based analytical da
Slide 14: City of Stavanger
City of Stavanger • Bouvet has been awarded a new contract with the City of Stavanger to refine the municipal administration’s data lake • Bouvet has been assisting with this work since 2019 • The project is an important element in the city’s digitalisation ambitions • The data lake collates data fr
Slide 15: AI at Bouvet
AI at Bouvet AI in client projects → Rapid results and high productivity through expertise, tools and methods Security and AI in in-house governance efficiency improvements AI in business models and transformation projects and new opportunities → Increased efficiency and → New opportunities in a dyn
Slide 16: Financial review
FINANCIAL ; REVIEW aN I<
Slide 17: Financial highlights Q1
Financial highlights Q1 Q1 2026 Q1 2025 Change % Operating revenue MNOK 1 037.0 1 074.7 -37.7 -3.5% EBIT MNOK 127.0 155.2 -28.2 -18.2% • Net operating revenues amounted to NOK EBIT margin % 12.3% 14.4% -2.1pp - 1 037.0 million (1,074.7), down 3.5 per cent Profit for the period MNOK 97.2 121.0 -23.8
Slide 18: Revenue and EBIT development
Revenue and EBIT development Revenue and LTM-revenue MNOK Revenues decreased by NOK 37.7 million y-o-y 1 200 4 500 Revenue LTM (right-axis) • Revenues from own consultants decreased by 1.8 1 000 4 000 per cent to NOK 955.4 million 800 • Revenues from sub-contracted consultants 600 945 1 016 1 075 1
Slide 19: Cash flow
Cash flow Cash flow from operations MNOK 600 Cash flow from operations 500 400 • NOK -48.5 million compared to NOK -34.6 million 300 in Q1’25 200 • Employees' payroll tax withholdings now paid monthly 100 133 64 to the Norwegian Tax Administration 0 -35 -100 -49 • NOK 333.2 million over the last 12
Slide 20: Balance sheet
Balance sheet MNOK 31.03.2026 31.03.2025 Strong financial position Non-current assets 461.4 455.1 • No drawings under established credit facilities as Current assets 1 371.2 1 569.7 per end of Q1’26 Total assets 1 832.6 2 024.7 Equity 476.7 548.4 • No interest-bearing debt Long-term debt 257.6 244.4
Slide 21: Outlook
JeAnoq OUTLOOK
Slide 22: Outlook summary
Outlook summary • Strong competition • High level of requests in the public sector • Rapid technological developments and continuously increasing demand for AI • Strong focus on business value, delivery quality and security at all levels • Focus on developing competence and services in line with mar
Slide 23: Appendix
ike APPENDIX
Slide 24: Local presence
Local presence 48 Group services 231 Bouvet Nord 681 Bouvet Øst Bouvet Akershus, 200 Bouvet Bergen 113 Buskerud and Innlandet 929 Bouvet Rogaland 127 Bouvet Sør 62 Bouvet Sverige INTERIM PRESENTATION 24
Slide 25: Shareholders as of 11.05.2026
Shareholders as of 11.05.2026 Shareholders Number of shares % of total FOLKETRYGDFONDET 6 729 316 6,48 % VERDIPAPIRFOND ODIN NORDEN 5 807 586 5,59 % STENSHAGEN INVEST AS 5 366 990 5,17 % VARNER KAPITAL AS 4 513 000 4,35 % J.P. Morgan SE (nominee acc.) 3 491 037 3,36 % VERDIPAPIRFONDET HOLBERG NORGE
Slide 26: Working days per month / year
Working days per month / year 2026 2025 2024 2023 2022 2021 Jan 21 22 22 22 21 20 Feb 20 20 21 20 20 20 Mar 22 21 19 23 23 23 Apr 19 19 21 17 18 19 May 18 20 19 19 20 18 Jun 22 20 20 22 21 22 Jul 23 23 23 21 21 22 Aug 21 21 22 23 23 22 Sep 22 22 21 21 22 22 Oct 22 23 23 22 21 21 Nov 21 20 21 22 22 2
Slide 27: Financial calendar
Financial calendar Financial year 2026 • 19.08.2026 Half-year • 04.11.2026 Quarterly Report Q3 • 13.05.2026 Annual General Meeting INTERIM PRESENTATION 27